Class 11 Accountancy Chapter 9 Financial Statements 1 MCQ Question With Answers

Financial Statements 1 Class 11 MCQ is one of the best strategies to prepare for the CBSE Class 11 Board exam. If you want to complete a grasp concept or work on one’s score, there is no method except constant practice. Students can improve their speed and accuracy by doing more MCQs on Financial Statements 1 Class 11, which will help them all through their board tests.

Financial Statements 1 Class 11 MCQs Questions with Answers

Class 11 Accountancy MCQ with answers are given here to Chapter 9 Financial Statements 1 . These MCQs are based on the latest CBSE board syllabus and relate to the latest Class 11 Accountancy syllabus. By Solving these Class 11 MCQs, you will be able to analyze all of the concepts quickly in the chapter and get ready for the Class 11 Annual exam.

Learn Class 11 Financial Statements 1 MCQs with answers pdf free download according to the latest CBSE and NCERT syllabus. Students should prepare for the examination by solving CBSE Class 11 Accountancy Financial Statements 1 MCQ with answers given below

Question 1. According to Principle of Conservatism
a. Provision is made for bad and doubtful debts
b. Deprecation is charged on assets
c. Recording is made for outstanding expenses
d. Profit & Loss account is made for full year

Question 2. Closing Stock given inside the Trial balance is shown only in……………
a. Balance Sheet
b. Trading Account
c. Profit & Loss Account
d. None of these

Question 3. The loss of sale of old machinery should be debited to :
a. Profit& Loss Account
b. Trading Account
c. Machinery Account
d. None of these

Question 4. Revenue Expenditure is intended to benefit
a. Past period
b. Current period
c. Future period
d. None of these

 Question 5. Carriage inward is shown in
a. Balance Sheet
b. Trading Account
c. Profit & Loss Account
d. None of these

Question 6. Land & building owned by a firm should be classified as:
a. Fixed Assets
b. Current Assets
c. Fictitious Assets
d. None of these

Question 7. Closing stock is valued at
a. Cost price
b. Cost price or market price whichever is less
c. Market price
d. Cost price or market price whichever is higher

Question 8. Calculate Gross profit if rate of gross profit is 10% on sales and cost of goods sold is Rs. 90000.
a. 10000
b. 8000
c. Rs. 9000
d. None of these

Question 9. Which of the following is another name of Earning before Income Tax (EBIT)
a. Operating Profit
b. Gross Profit
c. Net Profit
d. None of these

Question 10. Calculate Gross profit if rate of gross profit is 10% on sales and Sales is Rs. 90000
a. 8500
b. 9000
c. Rs. 10000
d. None of these

Question 11. Manufacturing expenses are treated as………
a. Capital Expenditure
b. Direct Expenses
c. Indirect Expenses
d. None of these

Question 12. If Rent paid in advance Rs. 7000 given in Trial balance. It will be shown in
a. Liabilities
b. Assets
c. Profit & Loss Account (Debit)
d. Trading Account (debit)

Question 13. Return inward appearing in Trial balance are deducted from
a. Sales
b. Purchase
c. Return outward
d. Capital

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Question 14. Which of the following account is affected from the Drawing of Cash in Sole proprietorship?
a. Shareholder’s Account
b. Capital Account
c. Liabilities Account
d. Expense Account  

Question 15. Which type of expenses is written in Profit & Loss Account?
a. Direct
b. Indirect
c. Direct & Indirect
d. None of these

Question 16. Which statement tells us about the financial position of the business?
a. Trading Account
b. Profit & Loss Account
c. Trial Balance
d. Balance Sheet

Question 17. Which is the position statement?
a. Trading Account
b. Profit & Loss Account
c. Balance Sheet
d. None of these

Question 18. Return outward appearing in Trial balance are deducted from
a. Sales
b. Purchase
c. Return outward
d. Capital

Question 19. Depreciation for current year given in Trial balance. Its treatment will be
a. Debited to Trading Account
b. Deducted from Fixed Assets in Balance Sheet
c. Debited to Profit & Loss Account
d. Debited to Profit & Loss Account and Deducted from Fixed Assets in Balance Sheet (D)

Question 20. If Accrued Interest Rs. 2000 given in Trial balance. It will be shown in
a. Liabilities
b. Assets
c. Profit & Loss Account (Credit)
d. Trading Account (Credit)

Question 21. If Salary payable Rs. 9000 given in Trial balance. It will be shown in
a. Liabilities
b. Assets
c. Profit & Loss Account (Debit)
d. Trading Account (debit)

Question 22. If insurance premium paid Rs. 2000 and prepaid insurance is Rs. 300. The amount of insurance premium shown in profit & Loss Account will be…
a. Rs. 2300
b. Rs. 2000
c. 1700
d. 300

Question 23. Wages paid for erection of Machinery are debited to
a. Deferred wages account
b. Machinery Account
c. Profit & Loss Account
d. Wages Account

Question 24. Preliminary exp. fall in which category
a. Revenue Receipt
b. Deferred Revenue expenditure
c. Intangible assets
d. Deferred Capital receipts

Question 25. If opening stock is Rs. 30000, closing stock is Rs. 40000, Purchases are Rs. 80000, Direct Expenses Rs. 30000. What will be the value of Cost of Goods sold
a. 100000
b. 120000
c. 90000
d. 80000

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